PMC Investor Relations Website: http://investor.pmcs.com
2013 earnings announcement call live on Website at 1:30 p.m. PT
call replay number 1 (800) 406-7325; passcode 4641853#.
available shortly after end of conference call through November 28, 2013
SUNNYVALE, Calif.--(BUSINESS WIRE)--
PMC-Sierra, Inc.(PMC®) (Nasdaq: PMCS), the semiconductor and
software solutions innovator transforming networks that connect, move
and store big data,today reported results for the third quarter
ended September 28, 2013.
Net revenues in the third quarter of 2013 totaled $128.9 million,
an increase of one percent compared to $127.9 million in the second
quarter of 2013, and a decrease of two percent compared to $131.7
million in the third quarter of 2012.
GAAP net loss in the third quarterof 2013 totaled $2.7
million, or $0.01 per share, compared to a GAAP net loss in the second
quarter of 2013of $4.7 million, or $0.02 per share. Non-GAAP net
income totaled $20.0 million, or $0.10 per diluted share, up 23 percent
in the third quarter of 2013 compared to non-GAAP net income of $16.3
million, or $0.08 per diluted share in the second quarter of 2013.
“The third quarter played out largely as expected and we continued to
execute well in a challenging environment,” said Greg Lang, PMC
president and chief executive officer. “We enter the fourth quarter well
positioned with multiple growth opportunities and we remain committed to
tightly managing our expenses.”
Net income on a non-GAAP basis in the third quarter of 2013
excludes the following items: (i) $5.9 million stock-based compensation
expense; (ii) $13.1 million amortization of purchased intangible assets;
and (iii) $3.7 million of other adjustments including income tax related
as described in the accompanying GAAP to non-GAAP reconciliation table.
For a full reconciliation of each non-GAAP item used herein to the most
directly comparable GAAP financial measure, please refer to the schedule
included with this release. The Company believes the additional non-GAAP
measures are useful to investors for the purpose of financial analysis.
Management uses non-GAAP measures internally to evaluate its in-period
operating performance before gains, losses and other charges that are
considered by management to be outside of the Company’s core operating
results. In addition, the measures are used to plan for the Company’s
future periods. However, non-GAAP measures are neither stated in
accordance with, nor are they a substitute for, GAAP measures.